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Meaning of classical economics

clas'sical econom'ics

Pronunciation: [key]
  1. a system or school of economic thought developed by Adam Smith, Jeremy Bentham, Thomas Malthus, and David Ricardo, advocating minimum governmental intervention, free enterprise, and free trade, considering labor the source of wealth and dealing with problems concerning overpopulation.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.